Hot Bargain Property December 6, 2006
4 Bedroom with Low Maintenance Yard!
General: Urban East County, 4 bedroom 1.75 bath. Asking price between $450,000 and $475,000. I think $410,000 is reasonable.
Why you should be interested: Because it's outdated, and it's asking price is the same as two updateds that sold on the same block, they aren't getting offers. Vacant and on the market for months, and it's a bad time of year for sellers.
Selling Points: Nice patio and deck in the back yard. 2 car garage.
Why I think it's a potential bargain: One of the most common stories: Overpriced, bad time of year, seller is paying two mortgages.
Obvious caveats: Furnishings are dated. If you want a property that worth what the neighboring properties are, you need to update them. Culvert behind the lot.
Why it hasn't sold already: Overpriced
If you keep it ten years and it averages only 5% annual average appreciation per year: Based upon a purchase price of $410,000, the property would be worth approximately $660,000. If you held it those ten years before selling, you would net about $320,000 in your pocket (not including increased value from updates!), assuming zero down payment. As opposed to renting the $1700 per month most comparable current rental and investing the difference at 10% per year tax free, you would be approximately $130,000 ahead of the renter, after the expenses of selling.
Fact you should be aware of: Back yard is pretty much wood deck and concrete.
Obvious way to enhance value or appeal of property: Update the kitchen and bathrooms, please!
This property does appear to be eligible for a first time buyer Mortgage Credit Certificate provided your family income is not more than $82,800 or $96,600. Ask me for more details, on this or any other property.
I'm a buyer's Realtor®. I find places like this that can be gotten at bargain prices. I save you money while getting paid out of the listing agent's commission, not costing you a penny. Nor are these the only ones I find. In order to protect everyone's best interests, I require a Non-Exclusive Buyer's Agent Agreement. This is a standard California Association of Realtors form that leaves you are free to work with other agents, but if I find the property you want, I'm the agent you'll use. That's fair.
Contact me: Action Realty 619-449-0723, ask for Dan or email danmelson (at) danmelson (dot) com. Ask me to find a bargain that fits you!
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